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tv   Varney Company  FOX Business  December 2, 2016 9:00am-12:01pm EST

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>> thanks, everybody, here is stuart. have a great weekend. stuart: you, too, maria. maria: thanks, stu. stuart: the clinton camp reveals why it lost. it was not lack of vision, it was not failed identity politics and it was not an untrustworthy candidate. no, none of the above. good morning, everyone. it was white supremacists and james comey and russia. it all came out at harvard last night where the two camps faced off for a post election debate. clinton jennifer pal mary was emoti emotional. stuart: and the other side.
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>> meeting donald trump today if she takes a cabinet job, her senate seat could be grabbed by the republicans. the financial story today, the ongoing selloff in technology. they were the darlings before the election and they're not now and they'll go down today. italy threatens europe's financial stability and hours and the french president's withdrawal from the election is negative there and maybe here, too. we will again be on trump tower watch and look for the job seekers as they line up at the golden elevators. how about this? general mattis at defense department gets the number one. but there's talk number two, a
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business man from the pentagon. jam-packed show as usual. that makes us the highest rated business show in daytime. "varney & company" is about to begin. ♪ >> your governor, john kasich called me after the election and was very-- how about when a major anchor who hosted a debate started crying when she realized at that we won? people are constantly telling me and telling you to reduce our expectations. those people are fools. they're fools. but this campaign proved that the old rules no longer apply, that anything we want for our country is now possible. stuart: he was on form, i think
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you could say that, that was the victory or the thank you tour, and from the sound of it he's not backing away from any of his campaign promises. we'll have a lot more on that in just a minute. i want to get back to the harvard debate between the clinton and trump campaigns. it did get heated. listen to this. >> lose than win the way you guys did. >> no you wouldn't. >> yes. >> no you wouldn't. >> yes. >> that's very clear today, no, you wouldn't actually. do you think i ran a campaign where white supremacists had a platform, you're going to tell me to my face. >> it did. >> do you think you could have had a decent message for the white working class voters? you think this woman who has nothing in common. >> i'm not saying that you won and that you-- >> how about hillary clinton, she doesn't connect with people, they have nothing in many could-- common with her? >> that debate takes place every four years and usually
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it's calm, and it was not. look here is here, charlie kirk, from that debate and i know you listened to it, does it sound like the democrats understand why they lost? >> you know, it's nothing to do with the fact that hillary doesn't visit wisconsin in the last 90 days and blew every data set and transition team and stopped running ads in key states of pennsylvania. instead it was because donald trump emboldened the white supremist base? are you kidding me? this goes back to a problem with the democratic belief. they believe people in pennsylvania, wisconsin, michigan, are deplorable. stuart: they misread the country. >> they told us. stuart: they insulted us, racist, sexist. >> hate outsiders.
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what if jennifer palmieri, said we missed middle america. instead she said, how dare you kellyanne conway for giving white supremists is voice. ashley: and they reelect nancy pelosi. >> and all of their leadership in the house is over the age-- >> it's great for republicans. >> it's great for republicans and they refuse to admit they missed the hollowing out of america and they say it's because of white supremists. stuart: it's three weeks and they're saying the nonsense, republicans are racist, what an insult. >> that's right. stuart: if the election were held again tomorrow, hillary clinton would lose by a bigger margin than three weeks ago. >> another example, hillary clinton never went to scranton,
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never went to macomb county in michigan, which was a blowout. and instead, it's because you guys are racists. stuart: we got you fired up. stay there, calm down a bit and we'll get to you later. let's get to the markets, we will have a slightly lower open for stocks, down not much. 178,000 new jobs created and let's call that a weak report. by the way, most of them, 118,000 jobs created were part-time jobs. we're also keeping an eye on italian politics, why are we doing that? because what happens over there hits us here, they've got a big vote on sunday and more on that in a moment. don't forget the big tech names. now, first of all, look at amazon. that's going to open slightly lower this morning. down again, i should say. where is apple going to open this morning? down again, not much, but you know, unchanged to lower. how about google, alphabet i should call them? they're down a little bit more.
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all three have taken a huge hit since the election. i've got amazon down 5%. google 6%, facebook 7%, that's since the election. why is this. ashley: it's interesting when you consider the dow continues to break records every day. first of all, silicon valley doesn't have the influence that it would have if hillary clinton had won. and donald trump has been at odds in some in silicon valley. they had tremendous international exposure and it's unknown what our economic policies will be with regard to trade and everything else, encouraging people, companies to bring jobs back to the u.s. all of that leaves big tech in limbo, the product hasn't changed and they are big and powerful. stuart: i think that investors are scared to death that donald trump will strong arm silicon valley, that's another story
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entirely. and the president-elect made an announcement. >> i don't want to tell you this because i want to save the suspense for next week. so i will not tell you, i refuse to tell-- don't let it outside of this room, do you promise? raise your hand. we are going to appoint mad dog matus as our secretary of defense. stuart: that's how you make an announcement. that's how you do it. [laughter] >> the general is known to his troops as mad dog mattis and known for speaking, let's say colorfully, got a couple of examples for you. told marines stationed in iraq, the first time you blow someone away is not an insignificant event. that said,there are some expletive deleted that need to be shot.
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i come in peace, i didn't bring artillery, i'm pleading with you in tears in my eyes if you expletive with me, i'll kill you all. general jack keane is with us. see if he's smiling. no, he's not smiling. i thought that was kind of rough, tough stuff. i thought you'd approve. no? >> that's only one part of jim mattis, i think we've got some toleration for some of our generals throughout history who led our troops in major campaigns are at times very colorful people and i hope the american people understand that and support it. stuart: general, i think they flat-out love it. that's what they want. not this double talk. they want that kind of thing. don't they? >> they're going to get that kind of direction and i think frankly, that's one of the reason why i think president-elect trump seems to be drawn to a number of military leaders because of the directness and bluntness and they've got a portfolio of leadership success.
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on jim mattis, i mean, he's much more than just what we talked up on the screen there. he's also very cerebral, studious, thoughtful, i mean, he's got 7,000 books reportedly in his library, sitting next to his bed is a book that he refers to quite often that dealing with mettations of marcus, who is an emporer and philosopher, i've never read a stitch of it. stuart: wait a second. now, he's also called for the u.s. to back a two-state solution in the middle east. that might run counter to some policy from the trump administration, no? >> i believe most people who come into the administration, who have a portfolio of leadership dealing with national security and foreign policy will always have differing views on certain aspects of that.
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because, listen, this is a complicated world out there. nobody, nobody has ownership much these problems in terms of solutions. some of them are very intracttable and you can make an argument on either side of the case for it. certainly, something like that will be discussed in the national security team. the president-elect will make his decision and everybody will jump on that decision and support it. >> general jack keane, thank you for joining us this morning. about-- i don't like to say mad dog mattis, he doesn't like it himself, i believe. but thank you for telling us all about him. we appreciate it. >> good talking to you, stu. stuart: yes, sir. we've got a big show for you today, including this. that is a guns n'roses concert in mexico city. the band brought up a donald trump pinata, and invited people, this is mexico city, to come up and take swings at it.
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there goes my guns n'roses subscription, i guess you could say. that's mexico city. three sky divers wearing wet suit in formation alongside french fighter jets. those guys with fake wings hit speeds of more than 160 miles per hour. came within 15 feet of the fighter jets. and that's the video of the morning from france. more varney after this. i have asthma...
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>> back to president-elect donald trump's thank you tour. here he is in cincinnati, last night. listen to this. >> on immigration, we will restore the sovereignty of the united states. we will restore the sovereignty. we will finally end illegal immigration. we will construct a great wall at the border. stuart: quite a long list of what he's going to do.
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republican congressman from texas, louie gohmert is with us. congressman, you were kind of luke warm on donald trump to start with, i know you were a ted cruz kind of guy. >> that's right. stuart: i think having heard him last night keeping all of those promises, have you warmed up to him? >> oh, i warmed up to him in september. the last promise i had to get was that he would never appoint me to anything. so, no. [laughter] >> and really, stuart, there's so much i learned from studying the history. he knows instinctively from his business stints, you can't stay a great nation, a world power, if you can't produce everything you need the next time you're attacked by forces of evil. he just knows that instinctively. so, we can't have a rust belt. they have got to be producing steel. in my district, we've had steel plants, paper plants, plastic plants, we've had rubber plant,
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tire plants, they have closed. we're buying steel wheels from china, we're buying rubber tires from china and we put those on our humvees. you can't make it past the next war, that's why the battle of the bulge didn't work because they had to rely on others for their fuel. we didn't. we had east texas oil, it got us through world war ii, we defeated germans forces of evil we had what we needed to win the war. this man is going to build us back into a country where we can defend ourselves. stuart: he's going to build a wall. you're from texas. that wall is right next to you. you're really happy about this, you are? >> yeah. stuart: he says it's going to be a huge wallments we've needed sovereignty. you don't necessarily need a wall down the river. all you need is a boat ever so often in the river, and you can stop everybody from crossing. the problem, i've been down
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there all night long. when the border patrol welcomes them across the river and process them. i don't know if you saw on the news this morning, a new report comes out. it wasn't new, they covered it up. but the administration is asking for billions and billions and billions of more dollars to take care of all of these people that it has welcomed in illegally. well, for the money, for a lot cheaper than this administration wants to keep being sucking in illegal aliens, we could have ourselves completely bullet protected and this president is not backing down on that promise. that's fantastic. stuart: louie gohmert, always a good guest on the program. >> and a smile. stuart: check this out. wait until you see that? the one on the right doesn't show up that well. it is a 75 carat sapphire and we'll get better lighting for you, and see yourself.
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the one on the left 51 carat diamond. they're up for auction at criesty's, how much they're going for. and donald trump follows through with getting the carrier jobs from going to mexico. he wants all companies to keep their jobs right here. you're going to hear him in a moment. month here. you should have quit while you were ahead. 32 years at this place and i've got 9 days left before retirement. look jim, we've been planning for this for a long time. and we'll keep evolving things.
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wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. >> ford is recalling 680,000 cars, might be a front seat belt problem. they might not hold up during a crash. these cover certain ford fusions, lincoln mkz's and ford mondeo cars in u.s., canada and mexico. no impact on the stock. dow futures, we're going to open fractionally lower. fresh jobs numbers not affecting the markets. >> they're not. headlines 178,000 jobs created in november. unemployment rate down to 4.6%, but if you dig down a bit, you'll understand that full-time jobs created, 9,000. part-time jobs, 118,000.
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so, the nature of the jobs, one other fact quickly, seven years into the recovery and the labor participation rate continues to fall to 40-year lows. stuart: all of those part-time jobs will not be mentioned in the white house press release later on today, guaranteed. speaking of jobs, mr. trump hit on the job story in ohio last night. listen to this. >> and i'm asking all companies to keep their jobs in america and we will work to make america a better environment for workers, and businesses, and we will crack down on all foreign trade abuses that undermine your ability and your company's ability to compete. those days are over where those companies are going to leave. stuart: hold on a second, does everybody approve of jawboning and strong armling private enterprise, you keep here or else? charlie kirk, do you approve of this? >> i do.
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i'm a free enterprise guy, but trump has a mandate to say, if you're going to move jobs recklessly overseas and deteriorate the middle of america, i'll put pressure on it. he has a mandate to that. i personally approve it. 9,000 full-time job created, trump saved about a thousand jobs in indiana and participated like 10% of the job growth to your numbers. i don't think that will be in the white house press release and not the president yet, but he's already. stuart: kirk, you're all right. check this out, please, big name tech stocks, you know him, amazon, apple, facebook, down huge after the election and no recovery this morning. we'll ask what is behind that selloff. mexico's billionaire, carlos slim slamming donald trump. he says the president-elect will cost the world's place as a world leader. isn't he at the new york times?
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>> yes, he is. stuart: the opening bell is next.
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>> friday morning, it's the end of the week, we are going to open ever so slightly lower, probably. the back drop to the market is this. interest rates are rising, the price of oil is well above $50 per barrel, and those big name technology stocks are still
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dead in the water. in fact, they came down a lot yesterday. we're expecting them to open flat this morning. this is where your money has been going. you better watch these stocks because we're looking for a rebound. haven't seen it yet. in five seconds, four, et cetera, et cetera, we will start trading. bang! there we go. 9:30 eastern time. which way are we going? down 22 in the early going, down 18 points. i'm going to call it flat. why not? come on, it's flat basically and the dow 30 show a preponderance of red, that means most are-- well, it's about a 50/50 split. the s&p 500, where is that. >> down .3% and nasdaq did it take it on the chin yesterday. technology has abouten having had a hard time. nasdaq moving a fraction lower in early going right now. where is oil? 51.29 who would have thought? a week ago it was about 44.
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where it gold? struggling back to 1175. not much movement. ashley webster, scott shellady, jeff sica, john layfield trying to get us through the friday trading. now, the big tech names, i want to know why they have taken such a hit since the election? i'm going around the block. start with you, layfield, in bermuda, fresh off the beach, i can see. why are the tech stocks down? >> fresh off the golf course, got to correct you. i think the tech stocks are down for a couple of reasons, what you and ashley pointed out articulately, tech stocks under donald trump. a worry about the international business model under president-elect trump. and the sector retations, they're going into things like financials because you don't have elizabeth warren in the picture. they're going after banks and i think the next sector rotation goes into companies that have predominant earnings in the united states, something like an under amour, or barnes &
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noble, verizon, i own all three. because the corporate tax rate coming down. stuart: okay, jeff sica, the big tech stocks, why are they down? >> the big problem with them, they rely on cheap chinese components. with the talk on trade. look at the iphone, for example,s there are estimates it's going to cost almost twice as much to produce iphone in the u.s. than it does in china. stuart: nobody believes they're going to make an iphone in america, they have a negotiated deal. >> even the slightest impact on these trade agreements, especially when it comes to components, is going to greatly affect technology's profit margin. keep in mind one thing, technology is priced to perfection. they cannot have any setback and a setback would cost them greatly. scott, sorry, scott shellady, do you have any reasons to add why big tech is down? >> well, i agree wholeheartedly with the fact, number one, the
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international business climate and number two it's a sector rotation. but you know, stuart, think about it. our manufacturing jobs cost employers about $35 an hour here in the states and in mexico, it's $5 an hour, that's a huge, huge gap. that's the big problem. so you then take that to the tech world and i agree it's price today perfection. we've got something to worry about there. it's interesting to see. i'm in two-minds, happy to see carrier, but it's a slippery slope, to continue that, it might be a good thing to cut deals with companies to keep the people off the dole because ultimately unemployment benefits might be greater and have to see here. stuart: we have to talk italian politics, we are going to do it today because there's a big vote sunday whether italy accepts or denies some constitutional changes. whichever way that vote goes could affect us here. ashley issue yeah, the small picture is the constitutional reform to put economic reform
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through quicker the italian parliament. the prime minister says he's going to resign if they vote no. what could that mean? this could mean a snap election. the rise of populism in europe. we have brexit and the five star movement in italy who is led by a stand-up comic. if they have a snap election, he wants more of a brexit feel to it, that could spell problems. we have an election in austria with the right wing party strongly-- >> let's just suppose the italians vote no on the sunday vote, jeff sica, what happens to our markets? >> well, here is what, the future of the eu is basically hanging on this vote. so, you have a banking system in italy that has been on the verge of collapse for a while and has been ignored by our
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market. our market hasn't cared the fact there's a global banking crisis brewing. what will happen to our market, we're going to begin to question the solvency of not only italian banks, but banks in europe and to say that the banks in europe don't affect our banks is complete lunacy. okay. there will be an effect, and i don't-- the extent to that effect remains to be seen. stuart: scott shellady, one of the effects of a no vote in italy would be that the yir go goes-- euro goes straight down and the dollar goes straight up and that could be implications. >> the cracks are there, whether it's a yes vote or a no vote, they're still in big, big trouble. whatever the outcome, i think what we have, i think that euro goes down because they're going be in a chaotic mess with a yes or a no. there's going to be no winners after this. stua
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on monday morning because we will have the result and how it plays out. >> i will be here. stuart: i know you will. >> they want to bring back the lira, and that should concern people greatly. stuart: you could always devalue the lira. look at smith & wesson, a gun stock moving lower, they gave a weak forecast. remember, gun background checks hit a record high after thanksgiving so what's going on now. ashley: smith & wesson last 25% of their value after donald trump won the election, on the predication there would be an anti-gun leadership in washington and more gun control measures come in. that's gone out the window. donald trump in the white house, very pro gun, and a republican house, not as many people buying guns. however, that said, gun checks 185,000, on black friday.
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the biggest background check made. it doesn't mean they're going into sales, but 185,000 in a day. >> and 14% for the month of november over the previous year. there's not the rush, the second amendment seems to be intact, there's not a rush to buy guns. >> the gun stocks have come down. >> obama gun salesman there ever was. stuart: that's our line. that's our line. check the big board, now we're down nearly 50 points. seven minutes into the session, 4 4 49.45. >> and big lots, stock goes up nearly 5%. higher profit at the retailer, five below, that store everything in the store is under $5. investors like that, up 10% at 44. starbucks ceo howard schultz stepping down and the stock is down. strong growth at ulta salon.
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>> saloon. stuart: french pronunciation, no, salon. and it's up 4% now. nicole, i don't know the ulta salon. fill me in, please. nicole: salon, you make it sound so chic and europe. it's a channel chain, a big on-line presence from fragrances to cosmetics. they have prestigious names, lancombe, $200 hair tools, a flat iron or something. down to very basic makeup like maybelline. how are they doing? well, unlike the retailers like american eagle, guess, express, which really tanked this week, less foot traffic, challenging environmental, this company is up 4% today. 270 almost. it was a $80 stock mid 2014. their sales are stellar, up almost 17% in the latest quarter.
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the 8th consecutive double digit revenue rise, and on-line is doing so well for them. they saw online sales up 59%. stuart: i got it. nicole: that's a huge surge. stuart: i got it, i buy my hair flatners and straighteners for $12 and not $200. when you don't have as much hair you don't need. ashley: i was going to say that. stuart: facebook putting labels on news. ashley: i according to the trek crunch. this is the kind of thing you'll see quote next to articles in the news feed. this website is not a reliable news source. reason, classification, pending or in some cases labeled state sponsored news. they say facebook, that is says they're going to use a lot of fact checking groups to verify these accounts. there are those that say, but it's very open to errors. real news could well be
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reported as fake news. stuart: will they put that label on washington post editorials? >> i was just going to say that. stuart: scott, say it for me, say it. >> new york times and washington post should have that plastered with a big red sticker. stuart: not to mention the chicago tribune. >> there you go. stuart: look at cbs adding live nfl games to the video streaming service. this i'm told is a very, very big deal. john layfield, how big a deal is it and why should i care? >> because the nfl is the best-run league in the world. everyone talks about the premier league ap the reach it has, make about 3 billion a year, nfl about 10 billion a year. they've taken mobistreaming rig and they don't give the mobile streaming rights outside the home which they have an exclusive with verizon. they have just-- they have sold every aspect of this business. sports is absolutely key right now. nfl ratings are down, but they
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are still live sports, the only way you'll be able to draw advertisers. stuart: you don't own cbs, do you, john? >> no, i do not. stuart: got it. a couple of bomb kings, they say that investors are misguided that deregulation will spur-- does anybody agree with mr. gross? >> it's a trillion dollar infrastructure bill he's proposing. it's difficult to consolidate that much spending with tax cuts. i hope we get the tax cuts. the tax cuts are imperative, but he's going to have to back off one of them because it's going to be very difficult to achieve both. stuart: you've got to back off one of them? >> he's got to back off to a point, to spend a trillion dollars on infrastructure is going to take a lot of of tax revenue e john layfield, what say you? >> i think you've got to go with the corporate tax rate
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first and foremost and if you back off tax rate about the top 1% just for political reasons, i think it makes sense. look we're at 19% of gdp right now, as far as tax revenue. that's about as much as the economy can take. so you can back off just a little bit, but somewhere you've got to con strain government spending and mr. trump does not have this yet. stuart: if you cut taxes, corporate taxes and spend big, i don't see why it's a temporary affect, do you, scott? >> no, i think that everybody is missing the point. ask bill gross, it's short-term. i would turn it around, what would work then? because it looks like a pretty good start to me. stuart: well said. i think you've got that right, scott. we have billionaire carlos slim, a big shareholder in the new york times, says this about trump, quote, if you are going to close the economy, it is bad. he has the risk to lose the international leadership of the
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united states. scott shellady, i know you heard this. what say you about that? >> you know, i think he was comparing donald trump to fidel castro, so, really, a lot of what comes out of his mouth i don't pay attention to, at the end of the day our economy is very strong and doing well, that's why people are coming here and into the fleeing the u.s. to go to mexico. i think he should look at what his home is like before he says things like that. stuart: carlos slim is talking about trade. >> yeah. >> if there's one person that's disappointed. he's been kicking around the u.s. and now that he knows he can't get away with that, he's going to panic and say desperate things like this. stuart: i want to thank jeff and john, a big day in all kinds of ways. thank you for being with us. thank you, gentlemen. check out the big board, down only 20 points as we speak, 19 to be pre advice, we're at 19,172. look at ebay. i believe that stock is up this morning. they had very--
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yeah, up nearly 4%. they had very good black friday sales thanks to more people shopping on-line, they say a watch was sold every three seconds on black friday. we are back on trump tower watch. we call it white house north. there we have the golden elevators. there's news about-- oh, wait for it, actually got it, chris christie? >> yeah, interesting, a couple of sources telling ed henry at fox news, mr. christie, the new jersey governor would be interested in becoming the next chair of the national republican committee, tells us his hopes of getting a cabinet position are perhaps fading, but, you know, one of the advisors claiming he is a strong possibility for the post. it's interesting though, others in the trump camp, like other candidates, for instance, white house advisor steve bannon apparently likes fox news contributor mercedes schapp. stuart: she's on the show on monday, is that correct?
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she's on the show on monday. one other visitor to trump tower interests me, heidi hidecamp democrat north dakota. ashley: she says she has no inkling what the meeting will be possible, possible energy secretary. being floated out there. but she says she's open to serving in the trump administration, even though she's a democrat. top democrats reportedly in a bit of a panic because they want her to stay in the senate. if she gave it up, it would go republican because north dakota is strongly republican so they would lose even more influence in the senate so i think she's been getting calls from top democrats saying you've got to put your state first. we'll see. stuart: maybe not. president-elect trump addressed workers at a carrier plant in indiana. where they'll stay on the job at least a thousand of people. our next guest is republican congressman from buffalo. welcome back, chris collins. >> always good to be with you, stuart.
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stuart: now, will mr. trump be able to do for buffalo what they did with carrier in indianapolis? do they have plans for this? >>. >> the carrier was a unique situation where the company was moving jobs to mexico. unfortunately in new york, most of the jobs have left. what mr. trump, president-elect trump will do, make sure the climbs is fair trade when it comes to mexico and china bring those jobs back. there are still many workers that would love to have the jobs when it was the heyday of western new york. carrier was jobs getting ready to leave, pretty much in western new york they've already left. stuart: now, you backed donald trump right from the get-go. >> i sure did. stuart: he think you were the first, you toll us on our program, you were the very, very first. did you think, i mean, you've got to believe that he can bring jobs back to your area? >> no question. stuart: but how is he going to do that? those jobs are long, long gone. which jobs will come back?
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>> well, they may be gone, but when you look at our landscape. we actually still have a lot of the buildings still standing. there may not be much going on, so the real estate is there. we have a very skilled work force still there. it comes back to if we do fundamental tax reform, that makes it more advantageous for companies to be here i think in the end we are going to have to look at some kind of tariffs against china and mexico to level the playing field. most companies would rather be back in the u.s. we have a very hard-working dedicated work force you can't off set 35% cost disadvantage. i think it's going to come down to some level of tariffs to level the playing field. stuart: the ceo, the parent company of carrier, went to trump tower and had a meeting with donald trump about keeping the jobs in carrier in indianapolis. do you know if there have
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beensy similar feelers of ceo's in your yeah i remember -- in your area, the buffalo area, any feelers going out? >> i don't know i inform. unfortunately the jobs have left western new york, but we're right there on the border with canada. there's a lot of automotive, parts manufacturing, that could certainly come back in a heartbeat, especially if the companies that are moving jobs or have already moved jobs to mexico in particular, relative to our area, understand that they're going to bring those parts back. there's a tax, a tariff, something of that sort coming back, they might as well move the jobs back, you know, right closer to where the cars are being made. the engines are being made. so, i'm very optimistic we're going to see a lot of economic growth in western new york in the buffalo area, once president-elect trump takes office and we deal with some of these unfrayed trade issues.
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stuart: you're very much in the hot seat now. people want results. >> that's right. stuart: you've got it-- >> come deliver. okay, congressman chris collins. >> hold me to it. stuart: you'll come back soon, i hope you do. chris collins. >> thanks, stuart. stuart: returning to a story we brought you moments ago about gun sales. now, i want those numbers again, ashley. ashley: this is on background checks by the fbi, up 14% year over year in november. it's the 19th month in a row where checks have risen. 2.56 million background checks in november. it's really quite remarkable. stuart: 2.5 million. >> so far, 2061 through november. 24.8 million fbi background checks, there's already 300 million guns out there. stuart: look at the gun stocks, sharply lower today because trump was elected. >> that's exactly right. stuart: by the way, i think that gun sales were up like 10% every year of the obama administration.
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stuart: like jeff sica said, president obama was the best gun salesman america has ever known, how about that. ashley: yes. stuart: check the dow jones industrials, friday morning, 20 minutes into the session, not much changed. an even splwinners on the dow industrials. a christmas gift, it would be nice, wouldn't it, a 51 carat diamond on the right and a 75 carat sapphire on the left. they will be up for auction at christie's. how much you'd have to shell out. ♪ [vo] quickbooks introduces jeanette.
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the the sapphire and the diamond. christie's celebrating the anniversary. the man who will handle the auction. the guy with the hammer. i've attended one of your auctions. >> did you enjoy it. >> i did, you move so fast. >> we serve 60 an hour. stuart: one every minute? >> one every minute. stones like this take time because there's morbiding so a couple of minutes for each. let's start with the diamonds. 51 carats on the right-hand side of the screen. is it just great because of its size what else has it got going for it? >> 51 carats, imagine a stone 100 carats to cut it to this side. the best color, as white as can be, flawless. stuart: this is the best diamond there is. >> and this is--
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>> this is not a gold conda? it's not. stuart: they're the finest diamonds. >> that's the auction you came to. stuart: on the right-hand side or whenever part of the screen it is, a sapphire, 75 carats, how much? >> $3 million. stuart: is that the reserve price, that's what you want. >> that's the estimate, starting estimate. i think priced between 3 and 5 million and should go to the top estimate. a 75 carat burma stone. one of the finest we've covered for sale. stuart: who would be the likely buyer, from asia, russia? >> all over, we had an auction hong kong, 80 million, 8-0, we've had buyers from asia, russia even america. stuart: what do you mean even america. with huge tax cuts from donald
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trump, rich will have a lot more money. >> i'm an optimist and hope something good is coming out for everything. stuart: and how much is the diamond. 51 carat. >> a $5 million diamond. i'll let you hold it. stuart: can i take it off? can i actually hold it? it's beautiful. a great stone. >> we hope between 5 and 6 million. stuart: and i hope you get a good price for it all. thank you very much. >> thank you for having me. stuart: all right, president-elect trump is going to double down on his plan to secure the border, one congressman is already tweeting out a plan for the wall. we'll talk to that congressman next.
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>> they just don't get it. the clinton camp clearly cannot come to terms with losing the election. the disarray on full display last night at a post election debate between the leaders of
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both campaigns. why did hillary lose? luke and jennifer if clinton camp offer the following explanations. trump gave a platform for white supremacists. the fbi's james comey tipped the scales. the russians said wikileaks damaging material that's not a word about hillary lack of vision her leftiest policy ideas or failure to communicate with working family ofs. luke seemed to agree with hillary's brangding millions of americans as racist, sexest deplorable ire redeemable that's the way they see us. elites looking down on us. they failed to understand that we don't much care of being insulted thank you very much. and they still haven't learned nancy pelosi the ultimate california elitist won a landslide victory to keep her job as minority leader of the house. and the far, far left keith
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ellison is the favorite to chair the dnc. the rejection of the elite was on full gley at trurp rally last night. let me be clear they rejected elites working families. thousands of them cheered president-elect trump. this is the democrats turf that's what they claim. and it's the turf that they lost. and they still don't know why. the second hour of "varney & company," though, we're about to begin. >> that person was saying for months that this there's no way that donald trump can break the blue wall, right? we didn't break. we shattered that sucker. we will construct a great wall at the border. we're going to drain the swamp
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of corruption by america and hire america. we're going to do it ourselves. it's time to remove the rest from the rest and i'm asking you to believe in america. once again -- we have many challenges. but this is truly an exciting time to be alive. there's been no time like it. the script is not yet written. >> we thought we just give you a little taste of what happened last night. we'll get more of it in just a moment. right now we're talking about the market. check the big board 178,000 jobs created last month and that's the news background here's the jobs report. but there were a lot of part-time jobs the there. part-time job growth far outpays full-time job growth full-time jobs created 9,000 part-time jobs, 118,000. many of those across seasonal that will go away in the new year, look, 7 years in recovery we've seen this before lairkt
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participation rates continues to fall. >> got it i want to look at more on the market because one of the big stories emerging are big name technology stocks it's a mixed bag this morning. not. up not much down. they've really taken it on the chin since the election. and there's no rebound today now look at amazon at the 741 they were at 850 before the election. they've lost 110, 115. a lot of money rotation showed. people taig money out of big tech and putting them to other stocks they believe will benefit even more from a trump presidency. : got it. now we have to also italian banks now don't cover italian banks very much but we do now because they're under real pressure because -- there's a vote on sunday constitutional -- constitutional, but biggest story here stew is voted down and then italian prime minister mateo said he will resign is all of a sudden we've got a mess brewing. that means that there could be a
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election to get a -- prime minister and i've got to tell you populous party five star movement is beginning a lot of ground in its elite and that is frightening for the e.u. where crack is starting to appear. austria by the way has a central presidency election also on sunday, and the far right candidate could very well austria freedom party they are close to winning this thing about and in fact, we'll create another crack in the e.u. structure. bottom line first thing monday morning check in with this program because we'll have the results of these elections in europe and it will almost certainly affect our market. ashley: those banks eight italian banks riddled with bad loans. billions and billions of work we could have another banking crisis on our hands. ?riewrt tune in monday morning let's see. all right president-elect donald trump discussing his plan for a wall along the mexican border last night. watch this. >> we will finally end illegal immigration.
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we will construct a great wall at the border. stuart: a lot more than just that but he did say we'll finally construct a great wall on the border, and our next guest delft supports the wall and tweeted out a cost effective design for the wall. iowaman steve king is with us and tweeted out the wall plan. you want to help build it, congressman? [laughter] >> yes, i do. you have an earth moving, or earth moving equipment company is that true, you do? >> underground utility, industrial concrete and drainage work. so we're not only prepared to build a wall we're prepared to drain the swamp, stuart. so -- you know, he didn't back off at all last night. i mean, he keam right through it all of the promises made during the campaign he reiterated them including the wall. let's get serious for a sec.
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you really do believe that that wall is beginning to be built. a lot of people are still thinking he can't do it but you think he's going to do it, don't you? >> he's got to build a wall that's a central promise in the entire president cial campaign. it has been reiterated last night with utter intiewb rains not just a wall but a great wall and when i heard that tape that you ran at the beginning of the segment i said capture that i want to watch that day after day and makes me happy to hear a definitive statement exhilarating stuart. we will start it early in next year. >> now jobs it's the cost effective wall. you know the business. you're in the construction industry. what does -- what's the cost of this thing if you run it all the way from -- literally way along the border that's 3,000 miles or something, is it? >> yeah, a pretty good size and not all in one contract. but you know, here's an example of the cost . today we're spending 6.7 million to protect each mile of that
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southern border it is around 13.4 billion. to protect that border. that's some resources that are getting us about 25% effectiveness. now, we're building expensionive interstate highways across -- across the iowa cornfield which are not cheap by the way. we can buy the real estate, build the interstate put a fence on either side and paint it, do it for four million mile. we can build that wall down there for around 2 million a mile and it will -- just take that $2 million and say 2 million out of 6.7 million you've got the infrastructure, it will tack take less resources to protect the border once it is den and build a fence, a wall and a fence so that we have two no man's land two on the concrete wall to patrol it and easier adjudicate the people in no man's land. >> that's a wall and peter king welcoming trump to iowa tomorrow and wish you the best of luck. we appreciate it. thank you. >> thank you very much stuart. stuart: breaking news on the michigan recount.
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>> michigan attorney general has filed a lawsuit to stop, halt welcome the green party's requested recount of that presidential contest but that's an interesting development. >> it is. stuart: filing suit to stop the recount. jill stein's recounts. let's see how that goes. thank you, ash. now this, hence arguments at a harvard sponsored debate last night between the trump and clinton campaigns. roll that tape. >> i would rather lose than win the way you guys did. >> no you wouldn't? is >> yes -- that's very clear today no you wouldn't respectly. >> do you think i ran a campaign where white supremacist had a platform? >> had -- it did. >> you guys are pathetic. working class voters do you think this woman with nothing in common with anybody -- >> but that campaign that was run. >> how about, if hillary clinton she doesn't connect with people. how about they have nothing in common with her? stuart: it was jennifer from the
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clinton camp who said, i would rather lose than win the way you guys did. well here's the response are from kellyanne conway discussing what really did happen in the election. roll that tape. >> they sound like sore losers. >> there's a bit of that in the air and most of it was civil and conversation about the mechanics and the messaging and road to 270. but i do think some people are stuck in the permanent company and not past anger, grove and denial stages in the accept stance stages. >> who is with us right now but andy card tomorrower white house chief of staff on the president george w. bush mr. card great to see you, sir. >> thanks for having me on. stuart: the top of this hour might consider rather harsh editorial because i'm ticked off at the way i was treated by this campaign. i'm not a racist i'm not a bigot i don't like being called one.
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am i being too harsh with the democrats? >> well, first of all donald trump won. fair and square -- and he did it and shocked the world with his victory. but he didn't shock the people who voted for him. they were committed and showed up. it wasn't easy to get those people to polls in terms of organization it was easier for them to have their own motivation to get the polls and he won it the the we in our constitution spoke loudly. and we won. granted, the popular vote is very different than the electoral college vote, and the question over a mandate -- you know, mandates aren't measured by popular vote but how many people of that party are sitting in seats of power. and we won the white house, republicans won congress. they won the united states senate opinion they won state legislature around the country an they won governorships. it was a resounding dramatic victory for the republican party
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in this election. and one that caught lots of pundits by surprise including people who were involved in the political process like me. i was shocked by the results. >> now, you know a thing or two about shepherding legislation that the white house wants and getting it through congress. >> yes. >> how do you think mr. trump will fair he has a republican congress, and he's appointing cabinet member who is know people in congress. and i'm not suggesting he's going to have easy time i'm asking will he get what he wants? >> he definitely will not have an easy too many because congress is institutionally resistant to the president the separation of powers is a very real challenge for a president. and but i do think he's going to have the benefit of the doubt in part because the republicans did maintain control of the house. and maintain control -- took control of the senate an that can a good thing but he has to work very hard at it and he has to do something that president obama did not do very well.
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and that's reach out to congress and work with them. good news is president-elect trump is already building bridges to congress. both on republican side and democratic sides. and i think he's demonstrate the will to have partners in the responsibility of governing and remember, a leader is -- significant. you have to have leaders. but a leader who also has to govern has a special challenge. and that means you have to find common grounds and president-elect trump i think understands what it means to invite people to recognize common ground to stand on it, and kind of have a both and solution to some of the problems in america rather than -- my way or the highway. so i do think he'll have an opportunity to be successful and it won't be easy. in many of the president-elects rhetoric for policy have been aspirational, now it is taking those aspiration and having written into law, i hope he doesn't exercise the executive order pen that much. i hope he invites congress to recognize its responsibility and do it that way.
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>> andy card i sense that you're warming to hem just a little. okay -- out of time. [laughter] >> donald trump -- donald trump is my -- donald trump is my president too and i want him to succeed. i supported jeb bush strongly supported jeb bush but yotd want donald trump to succeed as president. >> i think we all do. andy card thank you, sir, thanks for being on the show great stuff. >> thank you, chris. now -- this is a huge explosion -- at one of europe biggest oil refineries in italy north of milan now fears that a toxic cloud is drifting away from that explosion. no one knows what caused it. but it's happened. back to politics. president-elect trump announcing general james mathis and he says he would walk through hell in bare feet with him.
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he's next.
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>> don't want to tell you this, because i want to save the suspense for next week. so i will not tell you. i refuse and don't let it outside of this room. do you promise, raise your hand. we are going to appoint mad dog mattis as our secretary of testifies. defense. >> let's put it like this he confirmed that he's going to appoint james mattis secretary of defense case closed. before we move on -- ashley has some choice quotes from the general. >> he actually said mad dog mattis which i just love. let's go with the first quote from mr. mattis, i come in peace
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he said this to iraqis i didn't bring artillery but pleading with you with tears in my eyes if you are with me i'll kill you all. mad dog mattis quote number one, quote number two, the first time you blow someone away, it is not an insignificant event. but that said there are some in the world that just need to be shot. that says it all. >> look who is here now. i want to see the expression on his face his name is colonel lieutenant colonel -- and he's smiling. because you just heard those quotes from mad dog mattis he doesn't leak that name. but i get the feeling that america wants defense secretary who talks like that about the enemy. am if i right? >> no doubt about it. you know what stuart i was there when he made those comments. [laughter] and -- i couldn't have written a better line and honestly president-elect could not have picked a better choice for secretary of defense. this is a time when you really going to need a reallied good
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one. i've known mattis one of my lieutenants he calls me captain north. he tells meme i failed him in platoon tactics and i didn't but his appointment is beginning to require a con depressional waiver because the law require it is that military officers have to be out of service for 7 years and, of course, general mattis retired in 2013. because the obama administration forced him out as sync because of his opposition to iranian dole and kinds of things that they were doing over at the five waste basket -- going to run. >> that suggest to me that president-elect trump in selecting general mattis is sending message about the iran deal if the general resigned and forced out because of the iran newt deal, shows to me that mr. trump is going to get rid of that deal. how about you? >> i think this entirely possible. there's no doubt that he's picked a right fern to lead this
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effort because he's not just a warrior. he's also a strategist, he's a diplomat, he gets along well with the current chairman of the joingt chief of staff fighting joe. he wass his lead commandser in operation iraqi freedom. when i first went over to cover that war in first team in 2003 he's note known as warrior monk because he's so studious and he knows war and how to win and that's the most important part. >> he said one thing he said about the -- israeli palestine divide he said he wants america back a two-state solution. does that go down well at the pentagon or would the -- at the white house? >> well, look we've been trying to get a two-state solution house of 1973. the reality of it is, that palestinian, leadership of the palestinians does not want to recognize the fact that there's another state. and that's been -- big hangup all along it's not because israel doesn't want one.
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it's that palestinian leadership will not accept the fact that israel even exists. >> okay. so he gets your vote you like the guy. >> look -- he knows the purpose of our marl stuart. he wants to deter war and win one if we have to fight one. and it's not a lot more than just equipment. he knows that merle has been used as lab rats and radical social engineering experiments, and admired by our ally he knows our adversary ises and beloved by our troops. >> we'll be watching war stories which is on fox business network, sunday from 8 to 11 p.m. your ratings are terrific we watch it and we'll welcome you back wherever i don't to come on "varney & company" again. thanks. >> appreciate it. thanks stuart. stuart: russia unveil agrobot and then to the moon. not quite sure. there you go like r2-d2 not him -- but that's right. [laughter] okay.
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they want it on the moon within 15 years they say it could help construct stuff up there. we'll see about that. meanwhile president-elect trump thanking his supporters and sending this message. oh, watch this. ♪ >> i'm asking you to believe in america once again. this is truly an exciting time to be alive. there's been no time leak it. like it. the script is not just written. we do not know what the next page will read. i'll tell you it is going to be a great page.
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>> there we've got some video for you this is out of mexico, you don't recognize those people that's guns and roses that play a concert there. well, they invite concert goers,
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fans in the crowd and mexico city come along. come on stage and hit and beat up this donald trump piñata i should say think about -- there they go. mexico city is how lovely. >> i guess the fir says thousands words and video e tells thousand words whatever you want to call it but panderings at worst go to mexico city put up an icon of donald trump and everybody gets a chance to take a sweng at it. but a rapper who did this in san diego with donald trump piñata. >> what would they say if you did the same thing here. mexican president as a pin yacht it and -- >> outis rage racist shocking. bigot racist let's get rid of that. i've had enough. katy hopkins most conservative in britain just got back from a trip to cuba. and she says wait for it. people there are freer than we are. now, what is that all about? katy --
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♪ yes, with that's kenny loggen playing on your screen three european dead also gotten jet packs on their backs. frying man behind the stunt is a military pilot he has already flown alongside an airbus. in dubai -- good video. >> wow. >> check the big board not much movement it is friday morning with an open for an hour's worth of business and we're down 26 points. the jobs report -- most important point about that
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jobs report was 118,000 part-time jobs. that was the key number there. what you seeing on your screen is tech stocking, amazing down again. they're already been beaten up big time sings the election. all of those big names which went up so far have come straight down after the election. and they're down again today. pandora, though, that is up big. there's a report that it is talking with sirius that's the satellite people on possible deal reuters says it is not trying to sell itself but pandora tells fox business, quote, we don't comment on rumor or speculation but stock is up 7%. don't forget the italian banks -- [laughter] why on earth are we dealing with italian banks measured in cents per share? well, it's because there's a big vote this italy on sunday. and that could affect italian banks in european and everybody else. >> 15 cents on that stock it be eight italian banks are way down with rotten loans if there's a
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no vote on this constitutional referendum on sunday. prime minister -- mateo could resign that puts everything in flk and that could really signal the beginning of yet another banking crisis. empleg okay. got somebody to talk about that somebody who knows what she's talking about katy hopkins columnist now this vote in i.t. lis and the vote in austria for the prime minister -- if they vote no in italy, and their vote in the austria e premier i say that could be the end of the european union. am i going too far? >> not at all. i think you're spot on. you be pleased to know i was just tweeting that i was coming on your show and saying with fingers crossed crossed i belief italy says no, and this referendum then their leader is going to stand down and i think this will be the funnel domino that sets all of the other dominoes off and euro zone and
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rest of you that will really fall this will be the end of the e.u. which for me and for my money would be with a fantastic thing. >> now, if that happened if there's a no-vote in italy and austria premier is elected if that whats we will not be immune from fallout i think there would be a serious impact on our financial markets over here. now, you're not a prnl commentator but i'm sure you can see the link. >> and banks were work and markets work in advance of any political change. so with italy and the fact that, you know, the banking system there's already e heavily loaded 350 billion euros weighed in on those banks but if those banks are under if this falls, if we get a no vote there will be a massive impact. but i think from a british perspective, having had brexit and still waiting for brexit to happen and now people kind of pushing back hoping brexit might
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never happen, for us i suppose this has a bit of a light at the end of the tunnel because if austria goes to hofstra and italy might ends up in hands of five star then certainly this is more popularrism. this is more more of what we wanted to see or i wanted to see here in the u.k.. >> you have to tune into varnny and company 9:00 to find out what's going on. now katy i have a tboan bone to peck with you you went on a trip to cuba and stayed there for a while and you came back and you said that cuba in some ways is more free than us. now that's my bone and i want to pick it with you. what on earth are you thinking? >> naughty. i went over to cuba earlier this week and i flew back here actually an hour ago. and i went thinking right that's it. you know, all of the communists are might mare i'm going to take it out of people here supporting castro saying he was a good bloke. i'm able to speak out for the people there who don't have a voice.
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that's what i'm going there to do. but you know, i stood with those people in revolution square overnight six hours, cueing to go to i their respects, and i know they have been bust in to pay their respects. i know they're still being fed from a ration bock and not allowed to leave their country. they're not allowed to speak out. but you know, i was very aware that what they have is freedom from you know freedom from kind of being able to do all of this stuff we have and this freedom to in the west. freedom to protest about everything and freedom to complain about everything. freedom to kind of have an education system that we just simply disrespect to health service here that fat people take spokers trying to get cancer treatment for free. we have endless freedom too and what i saw in cuba was a lovely considerate full of proud and patriotic people who did love
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castro, however, u flawed and you have freedom from the things that we think were proud to have freedom too so i did have my changed a little varney that's your bone pick. >> varney now am i now -- not stew now varney. >> you have a sir name. >> by the way, read izia berlin philosophy who defined socialism as offering the freedom from and capitalism as offering the freedom to. i know where i want to live. i'm not sure about you katy hopkins and your tile is up. >> you have a last word -- that is what you're doing right now. trying to have the last word. i think you have to be open-minded and spent five face with the people there. they're great. >> that's why it is called "varney & company" and katy we do like you and tone down the politics we'll see you -- [laughter] i'm very naughty. see you later. >> now moving swifltly on very
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tense times at a harvard sponsored debate between trump and clinton campaigns. roll that tape. >> i would rather lose than win the way you guys did. >> that's very clear no you wouldn't respectfully. do you think i ran a campaign where white supremacist had a platform and look me in the face and tell me it did? >> it did. [inaudible] it did. do you think you could have had a decent message for the white working class voters do you think this woman who has nothing in common with anybody -- >> you won but that campaign -- >> how about if hillary clinton she doesn't connect with people. how about they have nothing in common with her? stuart: okay. i have to run a bit more tape from that debate at harvard last night. here is kellyanne conway discussing what happened. i think at the debate. roll tape. >> most of it was civil. it was a conversation about the mechanic and the messaging an the road to 270. but i do think some people are stuck in the permanent company and not really past the anger,
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grief, and denial stages and into accept stance stages. >> there you heard two sides of this thing. tammy bruce is with us this morning. now, the democrats seem to be saying they lost because trump stressed white supremacists, james comey did what he did, and the russians leaked bads stuff to wikileaks. that's their analysis. what do you say? >> because fox is honoring bars this is where they lost. because they don't know about the issues. they can't argue about the details of the issues because they know americans reject it. finally their fraud was caught and they koangt do any reflection saying wow, we failed americans did not want what we had we did not know how to reach out to americans and this is the irony and projection there with paul, is that the division, the racial division was during the obama years. this was about putting americans against each other gay against straight. women against men, black versus
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white and this brought people together so i find it highly io ron egg that that is the accusation and that's what left does. if you're against them you're a racist good news is that is now failing. >> they are misread country i think deliberately for political purposes. i don't think america is a racist, sexist, massageist it is not. >> that was also their candidates argument with this full of deplorables and that really pex posed who they are and what they were doing that's where the racist divisions came. and now all they can do is point at -- look it's classing projection. the good news is that for everyone and this is also the argument, the same people that voted for mr. trump, this time had had voted for barack obama twice. so are they saying that those people who voted for barack obama are racist and sexist? you know, they -- stuart: exactly what they're saying. >> you have to believe but this is the juvenile incompetent
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approach and why they fail and frankly at this stage of the game it is why they'll continue to fail. >> i want you to talk about john kasich governor of ohio. a harsh critic of president-elect trumple he didn't show up on the thank you tour in sins gnat tee last night in ohio the governor's state trump called hill out on it. look, i think mr. kasich does not have much of a political future that might be harsh. >> this is where political leadership comes in. it is being able to understand where american people are going. the people of your own state are going, he not only misread that. he kind of punched it in the nose and so when he was mentioned at the trump victory rally, he was booed in his on state because there's a realization now that you know, you can disagree with your leadership. but when you get it wrong and it seems perhaps it is petty and personal after the exabout the best of the people and people will reject that and i think
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this is the sunset, and who knows maybe there's a television show for him somewhere. but i don't even think that might be on the network. >> that was brutal stuff there. >> some of us do this because as you do ash, myself, i believe because we care what about saying and honest with the viewer and we're direct. governor kasich can't claim any of that. >> tammy bruce got more for you we want to tack a look quickly at stock price of smith and wess and a gun stock down 10%. nicole on the floor of the exchange you better tell me what's beginning on here because this is just because donald trump won the presidential election? is that it? >> no. it is not because donald trump won the election. in fact not saying it but fbi is saying it and fbi suggesting that sales volume has not collapsed at all. we saw unbelievable black friday nest we saw a record amount of background checks during that time. where there were lofts discounts. one of the reasons why you might seat stock down about 10% right
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now is somewhat of a heavy supply. they really beefed up on supply in anticipation that hillary clinton might win. and they stocked up and discounts, promotional item and now there's a big show in vegas u coming up shot show so trying to promotes and put those out there and somewhat -- lesser cost. >> very good nicole a decent explanation and not heard that before on this program. we appreciate it. thanks nicole. it is friday so use that as an an excows to bring you video. a beaver causing chaos in a dollar general store in maryland. >> they always do. stuart: i tell you destroyed sol christmas decorations -- about a corporal from local sheriff office got a call from employees to come to remove animal from the -- [inaudible] [laughter] it's the war on christmas. aka it has continued. not much change this friday morning we're down just a 16 points. watch out monday morning. we've got results of those european votes might be a different story.
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and this -- i've raised the issue of hillary clinton and varney viewers aring angry about it. john janeen is one of the fear test krit accident. what does she think about hardening hillary? watch out. i'm going to get an earful i can tell. here she comes -- ♪ the judge is with us momentarily. this is your daughter. and she just got this. ooh boy. but, you've got hum. so you can set this. and if she drives like this, you can tell her to drive more like this. because you'll get this. you can even set boundaries for so if she should be here, but instead goes here, here, or here. you'll know. so don't worry, mom. because you put this, in here. hum by verizon. the technology designed to make your car smarter, safer and more connected. put some smarts in your car.
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>> always remember "varney & company" starts at 9 a.m. eastern. and wheres you missed general jack keane on trump of the administration. most have a portfolio of leadership dealing dealing withl security and foreign policy will always have differing views on certain aspects of that because listen, this is a complicated world out there. nobody, nobody has ownership of these problems in materials of solutions. some of them are very intractable and you can make an argument on either side of the case for it. something like that will be discussed in the national security team, the president-elect will make a decision. ♪
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>> yes we're still there. trump tower watch continues. couple of updates for you. former defense secretary robert gates will meet will mr. trump today. also economic advisor david will head up those golden elevators
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as well. mr. trump says he does not the plan to pursue a special prosecutor for hillary clinton over the e-mail scandal. it seems these voters still want her investigated. watch this. >> although we did have a lot of fun fighting hillary, didn't we? [applause] right? might not have heard it but it was lock her up in the background i personally have gone out on a limb and hillary should be part ndz and put the country at ease. i think it would humiliate hillary clinton and i caught a lot of stick for that. here's judge janeen pirro who is a fierce clinton critic and will beat >> i won't beat you up. >> if she violated the law she needs to be held responsible
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like everyone else. i was a judge and defense attorney said you know what, this guy is an orphan because he killed his mother and father you need to forgive -- forget. [inaudible] that's -- noble and you know the responsibility of a judge and any country that is a country that follows law, is to make sure that criminal justice system is equal nobody is above or below the law. >> responsibility of a politician to sweep the next clear and get on with your program and stop looking backwards. >> get on with your program and let the criminal justice work as it might. here, look, i understand why the president-elect is saying that. and maybe the e-mail thing is something that we can put fast us. the clinton foundation, however, is something that is as my sources tell me it is bubbling beneath the surface. the tap tops are still there that we were told were destroyed. the immunity and all of these forgiveness -- you know, groaments are not necessarily in place going
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forward. amazing thing is clinton administration hasn't received one dime the pay to play is in your face, so you know, we don't need to -- don't need to trash her but she needs to be held speedometer responsibility like every kid in urban area. >> i want to know what happened with that 3 billion foundation. hold on a second move to recounting. we've got the michigan attorney general, he's filed lawsuit to halt in michigan and mr. trump himself has fired a motion to block the recount from even starting in pennsylvania. but you, you've got news from wisconsin. what is it? >> i got off the phone with one of my sources that is in wisconsin and he said you know what, judge it's norms waste of too many right now donald trump has added 8 votes for his side. and look, here is -- this whole thing is absurd because there is no way hillary
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clinton is going to beat donald trump in terms of the electoral college. she can't possibly do it based on these numbers. >> and your source says he picked up eight votes in wisconsin. and it is ridiculous and by the way every complaint filed against clinton and stein campaign because they are joining financial teams that they're not supposed to do in this recount effort. >> judge you've an opinion on everything and we kind of like it. thank you very much indeed janeen pirro see you on your show. got it major development this weekend coming out of europe. and nigel he is the brexit the guy he's on this program. momentarily and some of you have been complaining about a certain habit of mine. i was not aware of this. but i am now. your viewer comments told me about it. we'll deal with it in a moment.
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anything like this but apparently our producers found example was this lip smacking. watch this. [laughter] i want to play that again -- i don't believe it so play it again. [laughter] rubbish picking they know what they're doing. >> eyes went tunny but i didn't hear a lip smack more like a short breath. >> that's what it was. thank you a series of short breaths. anyway, three hour show, and you know, i kind of get into it. yes. there you go. >> now that's a lip smack. one of our viewers say they love the way you wiggle your eyebrows
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well it is friday we do this kind of a thing on a friday that's what we do for that mecial that's what we do. flf and we will be back.
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stuart: donald trump made his first major speech as president-elect last night. if anyone thought he was waiverring on some of his promise, well, think again. the speech was an affirmation of his presidential goals. he will lower taxes. he will build the wall. he will deport criminal illegals and those who overstay their visas. he will repeal and replace obamacare. the list goes on and on and on. no waiverring. the crowd absolutely loved it. step back a minute. this does not seem like idealogical prison sy. he is solution guy. he will do what works, he wants results, not theories.
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he goes for an education secretary who has a plan for education. he goes for an orthopedic surgeon who has a plan to repeal obamacare. he has a defense secretary that will wipe the floor with isis. again the list goes on. he is enjoying himself very clearly. he feeds on the crowd's reaction. you have to it say a stark contrast with hillary clinton who spent her time insulting america, we're all racist bigots she said. how are we supposed to respond to that? president obama takes an eternity to answer a question. when he has done, you don't know what he said. trump's different. he is neither right nor left. he is for america, not a hypenated america and that is why he won. isn't it? the third hour of "varney & company" is about to begin. ♪
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>> i'm asking you to believe in america once again. this is truly an exciting time to be alive. there has been no time like it. the script is now yet written. we do not know what the next page will read. i'll tell you, it is going to be a great page. stuart: all right. we will of course have on mr. trump in a moment. i want to refer to the big board for a second. we're now down just 10 point this friday morning. how about the price of oil? i'll tell you now, firmly above $51 a barrel. there is a big market story actually, which is going to happen over the weekend. there is a vote, a referendum, actually, in italy. it is about constitutional change and that vote could have a huge impact on us here in america. let me bring in len more hawkins
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who joins us now. lenore, you spend half your year in italy. you manage money of some wealthy italians. this vote coming up on sunday, we're saying it is very important because if there is a no vote, we think that marks virtually the end of the european union. can you tell us which way you think that vote's going to go? >> i think it is going to go no. part of the problem is renzi did, he branded himself along with the bill. he made the same mistake david cameron made. when renzi first presented this bill he identified it as being part of who he is and right now the italians are pretty frustrated with what is going on. there are high hopes, high expectations when renzi got in like we have with trump. when renzi got in, unlike u.s., tough enough to get the congress and senate to work together, they have more than twice as many of congressman, and more
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than doubling of the congress, they're essentially identical powers. everything happens much, much slower. they're italian it will have drama and talking and hand gestures involved in it. this does not get passed the rest of the world will look at italy, you guys will not make reforms that need to be made. that will have huge impact on italian banks which are already going down hill fast. you have merkel looking -- stuart: we're trying to prepare viewers what might happen monday morning. if you say there is no vote in is tally and austrians hold an election vote on sunday, if they go for their right-winger, we heard yesterday francois hollande will not be part of the election campaign next year, seems to us, europe is falling to pieces and we'll feel it on monday morning. again, repeat that please. >> yeah, absolutely. you will see the dollar will go way up because the euro as currency will come into question. we're not sure, how will they
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keep the whole thing together? some different countries they're not able to work together under that same currency. the euro goes down. dollar goes up. that will affect companies in the u.s. that sell outside of the u.s. like technology stocks that we've seen that have already been struggling. they sell a lot outside the u.s. stronger dollar makes their product as lot more expensive. stuart: glad you got to that, lenore, you're right. we've seen a huge selloff in the very biggest of big-name technology stocks just since the election. they're pretty flat this morning but they have come way down in the last three weeks and couple of days. your explanation is, that the dollar is going to go straight up. that makes it hard for them to sell overseas? is that it? is that the sole reason techs are down? >> no, techs are facing a triple whammy. they have concerns with what candidate trump talking really big on immigration. those tech companies, they need those h1b visas to get talent
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from the rest of the world to come. they have a tougher time with their talent pool. if we end up having trade wars, it will be a lot tougher for u.s. companies to sell abroad if other countries are really angry with us because of our trade stance. stuart: okay. >> they have immigration, they have got trade and rising dollar. stuart: i have to ask you this. you manage people's money. what do you think? we'll get 20,000 on dow industrials by end of the year? >> i think the u.s.'s market is looking more and more attractive every day. with italy going down. with europe a lot messier and complicated. what goes with "brexit" we don't know. italy is getting ugly. deutsche bank and germany a bit of a mess. where do you put your money? u.s. dollar keeps going up. treasury yield is fantastic. 10-year is almost 2.5%. look at germany, .3. where do you put your money? appreciating currency, higher interest rates, hell yeah, come
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to this country. there is hope here. there is no hope anywhere else. stuart: you're fired up. we like that on friday. >> a lot of coffee. stuart: of course. lenore, thanks for joining us. always appreciate it. see you again real soon. >> bye, stuart. stuart: top of the hour, i issued forth with my take, mini editorial basically. i said president-elect trump, he said very clearly he will deliver on his campaign promises. linda chavez with us, former reagan white house official. linda, i'd like to talk to you about a parallel between mr. trump and how he has begun his presidency and ronald reagan and how he began. i see a parallel. i said at the top of the show, i don't think mr. trump is idealogical. i think he is a guy that goes for solutions and what works. what is your input here? >> stuart, i think you're right in your description of donald trump. he is somebody who wants to fix problems.
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i think that is actually very different than president reagan who had sort of a overarching idea about the world and about the u.s. and about the u.s. economy and i think president reagan was actually quite idealogical. he was a. he was a staunch conservative and believed firmly in the free market and the free market was the best solution in terms of the economy. that the free market would deliver in a way government never could. i think that's very different than donald trump. i think the one way in which they are similar is that president reagan tried to talk over the media and directly to the people and he was very successful doing that. and donald trump is doing exactly the same thing, trying to speak directly to the people. stuart: do you like trump's style? this man is off and running? he works 18 hours day. he appointed half of his cabinet already. the man has energy and he is
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going forward at a break neck pace, do you like that? >> well, i like the fact that he is going forward on his picks and i am generally supportive of the people he's picked. i think general mattis is a terrific pick for defense. i think betsy devos is terrific. governor haley i think was a very good pick. mr. pompeo i think is also great. i think he has had really good people and does seem to be doing it in good time. he is getting things done. i would like to see less of him on twitter. i don't think that's presidential. while i agree -- stuart: over the head of the media, he goes right to us. >> well, yeah, but, you know, i also think he's got to be a little more conscientious in terms of getting briefed before he speaks to foreign leaders. i can tell you president reagan loved to have people brief him. he was always thoroughly
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prepared when he went into meetings. this guy took back to the residential part of the white house his reading material for the night, and he actually read everything and you knew that because sometimes you actually got notes on memos and documents, you could see the president's handwriting. i would like to see a little more of that from donald trump. stuart: i just suspect that you are warming up a little here. linda chavez, thank you. >> well -- stuart: i know you are. just a little. linda chavez, thank you so much for joining us, ma'am. we appreciate it. >> thank you. stuart: now this, president-elect trump just having a phone conversation with the philippine president. ashley: philippine president duerte, animated character himself and the conversation was engaging and animated. president-elect trump inviting him to visit the white house next year. stuart: that is interesting. ashley: yes, been tough on the drug war.
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stuart: i'm afraid so. i'm not afraid of being tough on the drug war. extra killings have been going, that is not something we want to have. ashley: no. stuart: check out the big board, virtually flat, down eight points. that is all we've got. three major developments out of europe. votes in italy and europe, that is two. france's francois hollande will not run in next year's presidential election. that is three. maybe europe is breaking apart, a theme on our program a long time. next, nigel farage, is the "brexit" man. he is next on the program. unwaivering president-elect donald trump. he will build the wall, lower taxes, bring money back to america. we're covering it all. ♪ my business was built with passion...
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stuart: three big political events in europe that could affect us here. number one, austria votes for a new president. number two, italy votes on constitutional reform. number three, france's prime minister hollande already said he is not seeking second term. i say europe on the verge of a breakup. we'll see what nigel farage thinks. he took the brits out of the european union. nigel, you and i are probably in treatment, europe they're not looking good at this point, but my question is how can europe get back on track? how can they possibly come back to being unified, ongoing, dynamic organization? >> they can't. european union is dying before your very eyes. the most significant event taking place 60 odd years the
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union been around "brexit" vote took place in june this year. the lesson they could have learned, actually nation states want a bit more of a say over their own lives. so they could have concluded hand back powers. no, they're doing opposite. pull more and more powers to the center. i think eurozone is what is really going to play out in this referendum on sunday in italy. i think migrant crisis enraged much of europe. no, this thing does not work. stuart: what you just said there is very important for our viewers, because this is financial program. you said if that vote in italy, if they say no to constitutional reform, you're saying eurozone, euro currency in "the deep end" trouble. i think you're right. euro goes down, dollar goes up and there is big repercussions from that. >> i agree with that because what will happen if prime minister renzi loses sunday which i believe he will, the political revolution of 2016 is not over yet.
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if he loses his position as prime minister is pretty tenuous. he will have to form emergency administration. the four big italian banks are basically on edge of bankruptcy. it is matter of weeks or months before something like 40 to 50 billion euros will be needed to prop up those banks. and i think that an italian general election may come next year, rather than the scheduled year after. you know what? if the italian people were asked today whether to stay in the euro or to leave, i believe they vote to leave. ashley: fascinating, all your fault of course, nigel. >> of course. thank you. stuart: you're welcome. i will put on the screen the three, sorry, the five most popular boys names in britain this year. if you look at number two, it is muhammad. i have to ask you, nigel, is this perhaps part of the reason why the brits said, we're out of europe? >> well, let me tell you what names are not popular anymore.
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nigel is now i think, the least popular boys name in the country this year. in fact, out of 3/4 million registrations last year there were only 14 nigels. whether that is my fault or not i'm not sure. look, we have a, we have very rapidly growing muslim population in the united kingdom. it increases 75% over the course of the past 10 years. the point, virtually all muslim boys have muhammad in their name. we shouldn't be very surprised about this. the "brexit" vote wasn't about islam in particular. it was about open doors, numbers, pressure on wages. i think, i think debates about islam is the one that will rage in france in their presidential election next year. don't forget, over 230 people have been killed in terrorist attacks in the course of the last year. stuart: that's right. thanks very much for joining us, nigel. we'd love to have you back on monday as we pour over the results of the italian vote and
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the austrian vote. we hope you can join us. we will extend an invitation to you. nodding sagely. don't know whether you take us up but we'd like to see you. nigel farage, everybody, good stuff. thank you, sir. let's have a look at the markets, nothing going on the stock market. i'm calling it dead flat. down 3.19. we're on trump tower watch. familiar shots of the golden elevators coming your way throughout the weekend. lots of comings and goings today. watch for more over the weekend when president-elect trump continues thank you tour. i think he is going to iowa tomorrow. and this. trump is not backing down on his war with media, mocking a news anchor that was crying after hillary lost. we'll play the sound bite in a
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moment.
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>> how about when a major anchor who hosted a debate, started crying when she realized that we won! [cheering] tears, no, tell me this isn't
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true. you know what she doesn't understand? things are going to be much better now. think of it, we won in a landslide. that was a landslide. and we didn't have the press, the press was brutal. stuart: well, it wasn't a landslide. ashley: no. stuart: but he was brutal towards the media right there. by the way he was talking about abc's martha raddatz. ashley: yes. stuart: she co-hosted the second presidential debate. ashley: yes. stuart: now, what your take what mr. trump brutally said there? ashley: you know what? he has been at war with the media. what wikileaks proved, there was a lot of truth to him taking on media. the fact they were all in bed with john podesta, with the hillary clinton campaign. he goes directly to the people. he is using, as always, twitter to make announcements. he goes to these places. makes these speeches. it is kind of taking out the middleman a little bit and he
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has ever right to crow. stuart: he puts the media, that speech last night, he puts the media in kind of a pen. the mead y'all calls it a pen. then calls him out and audience looks at him and screams and boos and all rest of it. it is brutal stuff. ashley: it is brutal. stuart: should we as journalists, claiming to be journalist, object to this? ashley: probably? stuart: have formal press conferences? ashley: we probably should. he is not a normal candidate and now president-elect. he is something else. he find away to connect with the people without the press many which were not on his side and trying to find fault every step. stuart: a lot of media was hand-in-glove with the hillary clinton campaign. working for them, for heaven's sake. big board, dead flat down two points. that's all we've got. turned positive briefly a few seconds ago. i'm calling it flat. left-leaning "politico," they have a story that says, it will take republicans three
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years to repeal obamacare? any truth in that? we'll discuss. mr. trump, big spender. he will spend on infrastructure, spend on military and lower taxes. that means more private spending. what does that mean? higher interest rates. watch this. >> the bottom line is, we won. whether it is producing steel, building cars, or curing disease, we want the next generation of innovation and production to happen right here in america. when a moment turns romantic, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain,
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>> i'm asking you to believe in america once again. this is truly an exciting time to be alive. there has been no time like it. the script is not yet written. we do not know what the next page will read. but i'll tell you, it will be a great page. we're often criticized for running too much donald trump. if i could run bites from hillary clinton i would do. if i could run you bites from leading democrats i certainly would. but they're nowhere to be found. that is what you saw, president-elect trump on thinks thank you tour last night. he promised to defend the american worker.
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you know that there is a massive stimulus coming. joining us now art laffer, former reagan economist. art, this is truly enormous. he is going to spend a ton of money on infrastructure, a ton of money rebuilding the military. he is going to cut taxes. that spews money into the economy. he will cut the corporate tax rate. that could bring back $100 billion if not more from overseas. the downside though, art, and you know what's coming, higher interest the expected real return on a unit of capital over the next 10 years. for a boom to occur the expected returns have to go way up, somewhere between 2 1/2 and 4 1/2% i estimate.g to have a b.
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don't think of higher interest rates as a problem. they're a solution. stuart: wouldn't that, higher interest rates, wouldn't that kill a stock market rally? you've been on the program several times. >> no. stuart: we said we're goin higher real returns on capital doesn't hurt the stock market. it make the stock market go better. the whole problem with america, companies don't have investment opportunities because of a lousy economy. and once you get a good economy, good growth, you will get a bull market in the '80s with higher real rates. stuart: to you it is chicken and egg thing, isn't it? >> yes. stuart: to you have to have higher rates to get the boom. with the left you have to lowfus
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and all these company funds in terrible shape because there is no return on capital. stuart: 20,000, on the dow. stuart: art laffer give me the number. >> 25,000. stuart: in my lifetime. i'm an old man. >> i consider you young, stuart,
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to be honest i really do. stuart: hold on a second. i have to get this in, i hear you're getting lifetime achievement award in austria. i believe it's the hayak institute. >> that is correct. stuart: professor hayak who wrote stuart: i gave that book to my two sons. didn't do any good at all. one is a leftist in australia and one is environmentalist in new zealand. i failed miserably. >> that is true. my kids are all pretty cool. they think i'm a lefty. stuart: wow. do you still have, two or three great grandchildren? >> now i can't them when they're pregnant. i have three great grandchildren, the third one will be born february, a little girl. so i have three great grandchildren. two great grandsons and one
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great granddaughter to be born in february. stuart: that is it part of the reason you're popular, art. that is just part of it. >> isn't it fun? aren't big families, lovely, stuart? stuart: yes. >> just so much fun. so much variety. they can be the worst problems in the world believe me. stuart: would you like my environmentalist son? no, no, i take that back. he may be watching. oops. >> no your environmentalist son, i guarranty you is not watching. stuart: no he is not. he does not have a tv. that's true. congratulations on the award. that has great meaning. appreciate you being with us. thank you as always, art. >> thank you very much, stuart. stuart: we're almost dead flat on the big board. won't spend much time. we're down three points. look at ford motor company, recalling 680,000 cars. front seatbelt problem, certain ford fusions lincoln mkzs and
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monteoss. new report from left heavy leaning "politico." they say it takes three years to replace obamacare. bring in betsy mccaughey, author of, "beating obamacare." three years to repeal and replace. what do you make of that? >> doesn't surprise me at all, took four years from the time law enacted, four years. three years is actually a pretty reasonable estimate. you but, congress doesn't have three years because it is very likely insurers will, start, who haven't pulled out of the market yet will pull out quickly. in other words, in a third of the counties in the united states, all the insurers have quit obamacare except one. people in those counties have only one choice of insurers, because the insurers are losing billions of dollars selling plans to healthy people and chronically ill people at same
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price. healthy won't buy. stuart: insurers left in the obamacare market, you say they will be forced out relatively quickly because they're losing their shirts? >> they will hurry to the exits. stockholders will say, whoa we thought democrats would be elected and make a compromise and put more money into it. instead we have republicans repealing it. why stay in and lose money for two or three years. there is a solution, however, the congress should enact block grants to the states to create high-risk pools in every state for very costly patients enrolled in these plans. that will bring back, bring down premiums and deductibles for everybody else, normalize the market for three years. stuart: that is part of tom price's plan. he is health and human services. >> they could do it right away. they're spending 43 billion on subsidies for the plans. they block grants for the high-risk pools would cost about half of that. stuart: could just do that?
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>> you could just do that. stuart: literally like that. >> you could do that. that would prevent insurers -- yes, but kind of legislation that can be passed with a mere 51 votes. that is important too. it is not three years worth of work in congress. it is much shorter than that. >> that's right. states have to get ready. they will be the ones regulating a lot of insurance market after this is repealed. and regulations have to be written and put into place. and insurers have to get the new products ready. that is why "politico" saying three years. maybe can be done in two years. congress must act to avert one crisis, insurers heading for exits. stuart: where does that leave people facing a 30, 40, 50% increase? >> don't say all of those people, really 20 million who newly gained insurance, 11 are on medicaid, public program for low income residents. stuart: what about the rest of them, four million. >> that's right. they have to be taken care of. that is why i'm suggesting if
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you block grant to the states enough money to create high-risk pools you will see premiums and deductibles go down. alaska did it on their own last june. they were facing a 40% premium hike in alaska individual market. they set up their own high-risk pool and pay for it ourselves. they did, premiums only went up 7%, normalizing the market. stuart: it is over and will being over real soon. all right. >> good bye, obamacare. stuart: carrying that thing around for years. betsy, thank you very much. >> you're welcome. stuart: good stuff. after facing backlash for weeks, the hampshire college, in amherst, massachusetts, will now fly the flag, as veterans are flying it for them. what is the latest? ashley: look over a thousand veterans turned up to protest this at hampshire college. they finally succumbed to the protests they will raise the flag again. they lowered it to half-mast and someone on college burned it in
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wake of donald trump's victory. they took it down entirely so people would cool down and could have dialogue. completely outraged many in the community and across the country and changed their mind. stuart: bill o'reilly got on them. sent jesse watters up there. ashley: caved to him. stuart: good friend of this program, anthony scaramucci becoming quite the trump insider. coming in every day, coming in, going out, the golden elevators. there he is in trump tower. he will be on the show shortly. someone who knows general james mattis, is man of character genuine patriot, perfect pick for defense secretary. >> so i will not tell you, i refuse to tell you, and don't let it outside of this room, do you promise? raise your hand. we are going to appoint "mad dog" mattis as our secretary of defense. [cheering]
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>> i'm nicole petallides with your fox business brief. the dow is down two points. looking a fourth straight week of gains. we haven't seen that kind of move since middle of july. s&p 500 slightly higher by five points. we're looking to snap a winning streak for the s&p and nasdaq. here are some dow winners and losers. financials, best november in five years, continue to be winners. you can see that means goldman sachs is up about
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5 1/2%. unitedhealth also a winner. intel, visa under pressure. jpmorgan had jamie dimon as well as ge head jack welch and gm's mary barra among the strategic policy forum set up by trump administration looking for jobs in the economy. earnings next week in addition to the italian referendum, that will be key on monday morning, autozone, tolle brothers, lululemon and costco on monday morning.
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we always were told we were german. we were in a german dance group. i wore lederhosen. so i just started poking around on ancestry. then, i decided to have my dna tested through ancestry dna. it turns out i'm scottish. so, i traded in my lederhosen for a kilt.
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stuart: i'm here to announce the dow jones industrial average is down six points. i call that dad flat. now this. president-elect trump, his cabinet is shaping up to be one of the richest in modern history. mainstream media is not that happy about it though. look who is now with us. anthony scaramucci, executive committee member of the trump transition team. he is actually broadcasting to us from trum tower itself, is that correct, anthony. >> that is correct, stuart. i heard ashley there too, thank you. good to see you guys. stuart: your idea of fun is riding up and down the golden elevators. that is what you're up to. i'm told the average net worth of cabinet members appointed or nominated so far is over a billion dollars. now the left think that is a huge negative. what say you? >> well, listen, it is obviously a huge positive. i think the american people know it's a huge positive. i will go to what the president-elect said last night
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in the midwest, that he's, what he likes to describe as killers in seats. people that have been enormously successful, that have great success stories about their life, super dedicated to their jobs, now transferring all of that energy, all that intellect you wall capital, all that organizational and entrepreneurial capability into the government, infusing the government with that sort of disruptive activity, stuart, which we know will bring great things to the american people. mr. president-elect is upstairs right now right now evaluating talent. he is really look for people that can play together on a team an demonstrated enormous success in their lives. by the way, there will be academics, members of the military like general mattis, there will be a collection of people in the administration. won't be ones that you're referencing but about excellence in every class in every category. i think that is a big message we want to send to the american people. stuart: anthony, we know you on
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this program as a market watcher. you offer commentary on the stock market and financial developments. that is the world that you come from. so will you sort something out for us on the show today? we've seen a whopping great big selloff in those very big-name american technology companies, whether it is apple, amazon, alphabet, facebook, all have come way down since the election. can you explain that? why is this going on? >> well, you know, what i would say there, there is what is known as sector rotation, stuart. i think what is happening right now, people are recognizing that we'll probably get faster than expected growth, the economic malaise will be over in a trump administration. implementation of both personal income tax and corporate income tax cut will realize a lost earnings growth. steel price, oil prices like commodities start to move. so what typically happens institutional, individual investors start to rotate out of names like tech which sometimes have higher multiples and more
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stability to their earnings to things that have more cyclical earnings you power. you have also seen a huge move in financial services. i think that is because -- stuart: groaning away in the background here because you haven't mentioned something that, to a lot of people is kind of obvious. silicon valley is terrified of donald trump. >> yeah. stuart: they think he is going to lean on them, he has got leverage, he will disrupt their business and down goes the stock? >> stuart, i'm a polite guy. i think what i would, message to silicon valley, i know you have a lot of viewers out there, what would i say on behalf of the transition team we're building bridges to you guys. we want to figure out ways to work together. you have to take the president-elect at his word talking about creating american unit, not just party unit but unit for everybody. we want to figure out what is going on for the silicon valley, that is good for american people. peter thiel is not here today
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with me but he has been upstairs last two weeks as we sort that out. i'm not a sort of tall poppy syndrome person, for viewers i'm not taking pleasure in their pain they lost the election. i want to help the american people and help the administration build coalition for working class families and for the middle class. so, but i do think rotation is happening because people see earnings and what you and i would classically call the industrial sector of the economy. that is why those are powering upwards. financials obviously i think will do better in the near term as well. stuart: anthony, appreciate you being with us as always. the star of "wall street week." >> i'm working on your person personal income tax cut, stuart. stuart: backdated to january 1st. that saul you have to worry about. see you soon. still plat on the market -- flat
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on the market. green up, red down, even split. president-elect trump's surprise announcement, he picked general james mattis for secretary of defense. next a frequent varney guest who says the general is a perfect fit. ♪
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hey nicole. hey! i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias.
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the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> i don't want to tell you this because i want to save the suspense for next week, so i will not tell you, i refuse to tell you -- don't let it outside of this room, do you promise? raise your hand. we are going to appoint "mad dog" mattis as our secretary of defense. [cheering] stuart: well, he wasn't going to announce it but obviously he did, "mad dog" mattis for the defense secretary job. look who is here, lieutenant
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colonel ralph peters joins us now. ralph, do you know general mattis? >> i wouldn't claim to be intimate friend but i'm known him for 15 years. i did some work for him. encountered him in various forum. had dinner with him just to talk. many times we've gotten together, i'll tell you, stuart he is a flawless pick. not just because he is a battle-hardened marine which he is, not even just because he is a deep, rich, strategic understanding of how the world hangs together today, based on experience and deep study, above all because he is a man of character, of admirable character. he, use victorrian term, man of noble spirit, absolute integrity, and public servant in the truest sense of the he didn't seek this job out. the job reached out to him. stuart: now, as i understand it, he walked away from his job in the defense department in the pentagon, or was forced out, not quite sure which it was because
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of disagreements with president obama over the iran nuke deal. the fact that he is back in as defense secretary suggests to me that mr. trump has every intention of walking away from the iran nuke deal and ripping it up? >> well i don't think general mattis would favor that right now because there is a smarter way to do it. we don't want to alienate our allies by tearing it up. what we need to do is what obama didn't, confront iran, stand up to them. they don't take our sailors prisoner anymore. we don't allow them to run all over us in syria, iraq, yemen or anywhere else. in other words, turn the tables on them, strategic judo, hit them hard, make them to tear up the deal in fit of pique and allies stay on our side. mattis is subtle thinker. he reads the classics. stuart: he is intellectual, what i hear? >> a man of intellect. an inlex wall never does
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anything in his life but insulting others. he insulted me one calling me a intellectual. he is temer perked by experience. i gush about this guy. you could not do better, any nonsense from the left, the man on horseback, we don't want generals. look 16 years, civilians with no military experience got us into one conflict and intervention after another. maybe time to have a leader at the defense who has seen his marines die, who seen them be gravely wounded, who knows the cost, knows the middle east, who knows the world as it is, not seen through rose-colored glasses. god bless him. stuart: and who visits the families of fallen soldiers under his command. >> nobody man. nobleman. stuart: i like it. i like it. ralph, see you later. good stuff. more "varney" after this.
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. stuart: on sunday, there's a big vote in italy. on sunday there's a big vote in austria. depending how those votes go, you could see our markets react vigorously come monday morning. i urge you to watch "varney & co." at 9:00 p.m. sharp monday morning. neil cavuto, it's yours. neil: [ speaking italian ] have a great weekend. thank you very much, stuart. the president-elect trump is inheriting a glowing report. you've seen the numbers and gotten the breakdown and the obama administration saying we're handing off a good he and, don't screw it up. this is what they mean. 4.6 unemployment rate and another good surge in jobs of 178,000. we're going to look into the number whether it's all it's cracked up to be with former microsoft head steve ballmer

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